Business and the Government will jointly tackle climate
change with the launch of New Zealand Green Investment
Finance Ltd; a $100 million fund to reduce New Zealand’s
greenhouse gas emissions, Prime Minister, Jacinda Ardern,
and Climate Change Minister, James Shaw, announced
today.

The fund is a central plank in the
Government’s plan to transition to a clean, green,
carbon-neutral New Zealand and it delivers on a Green Party
Confidence and Supply Agreement commitment.

“Tackling climate change is a priority for this Government
and business involvement is crucial to our success. No one
can opt out of the impacts of climate change. This fund
helps business to opt in to the solution,” Jacinda Arden
said. “Lowering emissions will require innovation and
action from all sectors.

“This fund means the
Government is bringing cash and know-how to the table to
partner with business to deliver a clean, green future for
everyone.

“This new investment fund is an important
component of New Zealand’s plan to build a clean,
sustainable, low-carbon economy that has both lower
emissions and profitable enterprises,” Jacinda Ardern
said.

“New Zealand Green Investment Finance will be
a commercially focused investment company which will work to
invest with business to reduce emissions while making a
profit,” said James Shaw.

“The Government’s
$100 million start-up capital injection is intended to
stimulate new private sector investment in low-emissions
industries; with returns over subsequent years expected to
pay back the Government’s investment and see NZ Green
Investment Finance stand on its own commercial
footing.

“More and more investment dollars are
looking for clean, sustainable ventures to invest in.
Establishing this fund positions New Zealand to attract its
share of that investment capital.

“I want to thank
Cecilia Tarrant for accepting the role of Chair of NZ Green
Investment Finance Limited. We are extremely fortunate to
have someone of Cecilia’s calibre in this important
leadership role.

“Board Director, David Woods,
brings a wealth of international banking experience to the
company, as well as his more recent experience leading work
with the social impact investor, Oikocredit
International.

“We are also incredibly grateful to
have Sir Rob Fenwick on board as Ambassador for this
project. Sir Rob’s background and expertise in business
sustainability makes him a fantastic fit for what NZ Green
Investment Finance Limited is about.

“New Zealand
faces a big job in upgrading our economy and infrastructure.
New Zealand Green Investment Finance will help deliver
financial backing to help ensure that the upgrade is fit for
purpose,” Mr Shaw says.

More details about NZ Green
Investment Finance Ltd are available here.

New Zealand Green Investment Finance
Ltd FAQs:What will NZ
Green Investment Finance Ltd
do?NZGIF
will bring financial and technical emission reduction
expertise together into one organisation with the sole aim
of increasing investment into low-emissions
projects.

It will act as a bridge between investors and
key industries and sectors, and identify low emissions
projects ready for upscaling, commercialization and
use.

Why is NZ Green Investment Finance Ltd
being established as an independent
entity?NZ
Green Investment Finance Ltd is being established as a
company under Schedule 4A of the Public Finance Act 1989 so
that it can operate independently from Government and work
in a market responsive and commercially focused
way.

With New
Zealand’s electricity supply already using around 85 per
cent renewable sources, NZGIF will focus on tackling other
sectors. However, there may be opportunities to back
smaller scale renewable energy projects; where they are
smart and can contribute to making our electricity supply
more sustainable as demand for electricity rises.

As a
commercial entity, NZGIFwill likely focus
on solutions that already exist; for example, knowledge and
technology being used internationally where there is scope
for use in New Zealand.

The Budget 2018
announcement referred to the NZ Green Investment Fund. Why
has it changed to Green Investment Finance
Ltd?Use
of the word ‘Finance’ is a more accurate reflection of
the purpose and market-leading role NZGIF will
play.

Why isn’t the
private sector financing these sorts of
investments?New
investment markets take time to develop and investors rely
on good information to assess viability and risk.

They also need financial products which are structured in a
way that fits the market.

As a result, there is
limited activity initiating and funding low emissions or
‘green’ investment deals here.

The establishment
of NZ Green Investment Finance Limited, which will focus on
accelerating private sector investment into emissions
lowering projects, will fill this
gap.

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